A few days ago, 2 ** managed by Debang ** Management *** hereinafter referred to as "Debang **" and 1 ** under Huatai ** (Shanghai) Asset Management *** (hereinafter referred to as "Huatai ** Asset Management") took the lead in releasing the fourth quarter report of 2023. Since then, the fourth quarter report of public offering ** in 2023 has officially kicked off.
Specifically, the three ** are Debang Jingyi Bond Investment** (hereinafter referred to as "Debang Jingyi Bond"), Debang Ruyi Money Market** (hereinafter referred to as "Debang Ruyi Currency"), and Huatai Zijin Currency Enhancement Money Market** (hereinafter referred to as "Huatai Zijin Currency Increase").
There are about 4.5 billion shares of currency** net subscription.
In the fourth quarter of 2023, the growth rate of the net value of Deppon Ruyi currency A and E in the fourth quarter was respectively. 58%, corresponding to the benchmark rate of return for the same period of performance34%。
In terms of investment operations, Deppon Ruyi Currency adopts a flexible investment strategy, with interbank certificates of deposit, high-grade credit bonds, interbank deposits, policy financial bonds and treasury bonds as the main allocation varieties. According to the fourth quarter report, bonds accounted for 96 percent of total assets52%。Further, according to the classification of bond types, the amortized cost of interbank certificates of deposit reached 101 as of the end of last year4.5 billion yuan, accounting for 90 percent of the net asset value of funds6%。
In addition, the total share of Debang Ruyi currency** increased from 74 at the end of the third quarter of 20235.9 billion copies **5013% to 111 at the end of the fourth quarter9.8 billion copies. The increase was mainly due to the share of class E, which was 30. at the beginning of the reporting period, according to the fourth quarter report2.5 billion copies, reaching 58 by the end of the period8.5 billion shares, compared with 443.4 billion copies increased to 531.3 billion copies.
Also as a currency**, Huatai Zijin currency increased the total share of 156 at the end of last year0.5 billion copies, up from 111 at the end of the third quarter1.9 billion copies, an increase of 448.6 billion copies, an increase of 4035%。Among them, the share of class B increased from 49 at the end of the third quarter8.3 billion copies, up to 100 at the end of the fourth quarter7.8 billion copies, **10225%。The shares of Class C and Class E at the end of the period decreased compared with the beginning of the period. The Class A share reached 134.9 billion copies, up from 9.9 billion at the end of the third quarter8.3 billion copies, an increase of 36.6 billion copies.
In terms of performance, in the fourth quarter of last year, Huatai Zijin's monetary profit also outperformed the performance benchmark and achieved excess returns. For the first quarter of 2024, the manager of Huatai ** currency increase ** mentioned in the report that the economy is expected to stabilize, consumption is expected to continue to be weakly repaired, infrastructure investment is expected to stabilize in the context of the issuance of trillions of special treasury bonds and policy efforts, real estate investment may still be a drag but the drag is expected to narrow, the external environment is still uncertain, and international demand may still be weak.
In terms of monetary policy, the ** manager believes that the funding rate is expected to fluctuate around the policy rate, and aggregate policies such as RRR and interest rate cuts are still worth looking forward to. In terms of portfolio strategy, we will wait patiently before the arrival of the allocation time, carry out swing trading moderately, focus on mining the most valuable varieties on the yield curve for investment, and start to gradually allocate when the asset allocation value is high, balance product liquidity and yield, and pay attention to the implementation of new capital regulations this year, which may lead to increased volatility on the liability side of products at the end of the quarter.
The share of the debt base increased nearly sixfold from the end of the third quarter.
For Debang Jingyi Bonds, the net value growth rate of Class A and Class C shares in the fourth quarter of 2023 is respectively. 64%, compared with the performance of the same period compared to the benchmark yield of -076%。During the reporting period, the net asset value of ** was less than 50 million yuan for more than 20 consecutive working days, but it had recovered to more than 50 million yuan by the end of the period.
In terms of share changes, Debang Jingyi bonds increased from 0.0 at the end of the third quarter3.5 billion by the end of the fourth quarter** to 24.2 billion copies, an increase of 59143%, including 20.3 billion copies. And on November 9, 2023, Debang** invested in Debang Jingyi bonds with inherent funds, with a transaction amount of 283470,000 yuan.
Debang Jingyi Bond mentioned in the fourth quarter report that the yield of the bond market in the fourth quarter rose first and then fell, the center went down, and the curve was flat.
Specifically, in the first half of October, the central bank's open market operations continued to net withdraw and the issuance of special refinancing bonds exceeded expectations, resulting in tight supply and demand, and the convergence of funds.
At the beginning of November, the capital situation was significantly loosened, and the bond market interest rate declined; In the middle of the market, the steady growth expectation is repeated, the real estate policy-related news has also been disturbed, superimposed on the issuance of trillions of treasury bonds, the central bank mentioned to prevent the idling of funds, the capital side has tightened again, the short-end interest rate has risen more, and the curve is flat.
The December ** economic work conference is the focus of market attention, and the policy content did not exceed expectations after the meeting landed, resulting in a rise in market bullish sentiment, coupled with the Fed's unexpected dovish turn, bond market yields fell sharply; The reduction of deposit rates at the end of the month and the loosening of funds across the year further pushed bond market interest rates downward.